AN INTERNSHIP REPORT ON

“ORGANISATIONAL STUDY WITH PARTICULAR REFERENCE TO

POONACHA & Co”
Internship Project submitted in partial fulfilment of the requirement for
the Award of the degree of

BACHELOR OF COMMERCE

BENGALURU CITY UNIVERSITY

Submitted By
Vennela.N
(Reg. No: U18GH21C0381)

Under The Guidance of

Asst. Prof Akash
Department of Commerce
Seshadripuram College

SESHADRIPURAM COLLEGE
Nagappa Street,Bengaluru-560020
 EVALUATION OF INTERNSHIP PROJECT
For Submission to Bengaluru City University

STUDENT MENTOR / SUPERVISOR

Name : Name :

Reg. no : Signature :

Signature :

Date : Date :

Evaluation Summary
Project Viva – Voice Total

Max. Marks 60 40 100

Marks. Allotted

Name Of Examiner Sign :

COMPANY CERTIFICATE
 SESHADRIPURAM EDUCATION TRUST
Seshadripuram College
Nagappa Street Bengaluru-20
Affiliated to Bangalore City University
A++ NACC Accredited Institution

PRINCIPAL’s CERTIFICATE

This is to certify that this Internship report entitled On “ORGANISATIONAL

STUDY WITH PARTICULAR REFERENCE TO POONACHA & CO” is
Carried out by Name of the Student VENNELA.N, Student of VI Semester
B.Com, and Bearing Reg.No- U18GH21C0381. She has successfully completed
her 4 weeks Organizational Study.

The Internship Report Is Submitted to Bangalore City University in the Academic

Year 2023-24, in partial fulfilment For Successful Completion of VI Semester
B.Com and Award of Bachelor of Commerce Degree of Bengaluru City
University.

PRINCIPAL

Place: BANGALORE

Date:
 SESHADRIPURAM EDUCATION TRUST
Seshadripuram College
Nagappa Street Bengaluru-20
Affiliated to Bangalore City University
A++ NACC Accredited Institution

HEAD OF THE DEPARTMENT

CERTIFICATE

This Is To Certify That This Internship Report Entitled On

“ORGANISATIONAL STUDY WITH PARTICULAR REFERENCE TO
POONACHA & CO” Is Carried Out By Name Of The Student VENNELA.N
Student Of VI Semester B.Com, And Bearing Reg.No- U18GH21C0381. She
Has Successfully Completed Her 4 Weeks Organizational Study.

The Internship Report Is Submitted to Bangalore City University in the

Academic Year 2023-24, in partial fulfilment For Successful Completion of VI
Semester B.Com and Award of Bachelor of Commerce Degree of Bengaluru
City University.

HEAD OF THE DEPARTMENT

Place: BANGALORE

Date:
 SESHADRIPURAM EDUCATION TRUST
Seshadripuram College
Nagappa Street Bengaluru-20
Affiliated to Bangalore City University
A++ NACC Accredited Institution

SUPERVISOR’S CERTIFICATE

This is to certify that the content of this report on “ORGANISATIONAL

STUDY WITH PARTICULAR REFERENCE TO POONACHA & CO” carried
Out by VENNELA.N student of VI semester B.Com, bearing Register No -
U18GH21C0381 is a bonafide work carried out by the student under my
supervision during the academic year 2023-24 in partial fulfillment for the
completion of VI Semester B.Com of Bengaluru City University.

This project/ Internship report is an original work carried out by the

said student and there is no plagiarism. This project/Internship report has not been
submitted for the award of any other degree / diploma in this institution or any
other institution.

Name of the Supervisor

Place: BANGALORE

Date:
 DECLARATION BY STUDENT

I hereby declare that this Internship report on "ORGANISATIONAL STUDY

WITH PARTICULAR REFERENCE TO POONACHA & Co” is an original
Record of my experience while conducting the internship study at Poonacha &
Co.

The organizational study was carried out by me, in partial fulfillment for the
successful completion of VI Semester of B.Com of Bengaluru City University.
This report is not submitted to any other university for the award of any Diploma
/ Degree etc.

Name of the Student

Place: BANGALORE

Date:
 ACKNOWLEGEMENT

I am deeply indeed to Mr. Poonacha S S for giving me an opportunity to carry

out the organizational study at Poonacha & Co and for giving vital support and
guidance to complete this Endeavor.

I would like to express my gratitude to our Principal Dr. B G Bhaskara

For his constant support and encouragement.

I am extremely grateful to my Supervisor Assistant Professor Akash, Department

of Commerce, for his support and timely guidance provided for the completion
and preparation of this report.

This endeavour would not have been possible without the support of
My Parents. My special thanks to them.

I would also like to thank my friends for their encouragement and moral support
throughout the work. Finally, I thank my Family, Lecturer’s and Friends who
have helped me to complete the project report successfully.

Name of the Student

 LIST OF THE CONTENTS

Chapter
CHAPTER PAGE NO
No

1 Introduction 1-8

2 Profile Of The Organization 9-12

3 Work Description 13-18

4 Learning Outcomes 19-20

5 Suggestions And Conclusion 21-23

Annexures :
 Acceptance Letter
 Log Sheets
 CHAPTER – 1
INTRODUCTION

1.1 INTRODUCTION OF GST:

GST, or Goods and Services Tax, is a comprehensive indirect tax that was introduced in India
on July 1, 2017. It replaced a myriad of indirect taxes levied by the central and state
governments, streamlining the tax structure and creating a unified market across the country.
GST is a destination-based tax levied on the consumption of goods and services. It is aimed at
eliminating the cascading effect of taxes, where taxes are levied on taxes, and creating a
common national market. GST is a dual tax structure, meaning it is levied by both the central
and state governments. It has four main components: Central GST (CGST), State GST (SGST),
Integrated GST (IGST), and Union Territory GST (UTGST). CGST and SGST are applicable
for intra-state transactions, while IGST is applicable for inter-state transactions. GST is levied
at multiple stages of the supply chain, from the manufacturer to the consumer. Each entity in
the supply chain is allowed to claim a credit for the GST paid on inputs, thereby reducing the
cascading effect.

1.2 ORIGIN AND EVOLUTION

The origin and evolution of GST can be traced back to the early 2000s when the idea was first
mooted as a means to simplify India's complex tax structure and create a unified national
market. Here's a brief overview of its origin and evolution, Task Force on Fiscal Responsibility
and Budget Management, In 2003, the government appointed a task force headed by Vijay
Kelkar to recommend fiscal reforms. The Kelkar Committee recommended the introduction of
a Goods and Services Tax (GST) to replace the existing indirect taxes.

Empowered Committee of State Finance Ministers: In 2006, the Empowered Committee of

State Finance Ministers was tasked with designing a GST model suitable for the Indian context.
After several rounds of discussions and deliberations, a consensus emerged on the design and
structure of GST.Constitutional Amendment: The introduction of GST required a
constitutional amendment to confer concurrent taxing powers to both the central and state
governments. The 101st Constitutional Amendment Act, passed in 2016, paved the way for the
introduction of GST.

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1.3 DEFINITION

The term GST has been defined by different authorities.

 Taxmann’s GST Ready Reckoner: Taxmann's GST Ready Reckoner defines GST as "a
comprehensive indirect tax levy on manufacture, sale, and consumption of goods and services
at a national level. Through a system of input tax credit mechanism, GST seeks to mitigate
cascading effect of taxes that currently exist in India."

 Dr. V.S. Datey's GST Book: According to Dr. V.S. Datey, a renowned author on taxation
matters, GST is described as "a tax on goods and services, which is levied at each point of sale
or provision of service, in which at the time of sale of goods or providing the services, the seller
or service provider can claim the input tax credit of tax paid at the time of his purchase of goods
or inputs."

1.4 MEANING OF GST:

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the
supply of goods and services. Goods and services are divided into five different tax slabs for
collection of tax - 0%, 5%, 12%, 18% and 28%. From July 1, 2017, GST came up as single
taxation system in India and replaced all the indirect taxes in the country. Some of the indirect
taxes that were abolished were Central Excise Duty, VAT, Entry Tax and Octroy

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 Different forms of GST collected by the government are:
 State GST (SGST): It is collected by State Government.
 Central GST (CGST): It is collected by Central Government.
 Integrated GST (IGST): It is collected by Central Government for inter-state
transactions and imports.
 Union Territory GST (UTGST): It is collected by Union Territory Government

1.5 MEANING OF GST FILING:

Goods and Service Tax Login on the GST portal is crucial for every taxpayer to file GST
returns, claim refunds, or reply to notice. It is an indirect tax which has replaced many indirect
taxes in India such as the excise duty, Vat, services tax.
A Goods and Service Tax return is a document containing details of all income / sales
/expenses/ purchases that a GST – registered taxpayer (every GSTIN) is required to file with
the tax administration authorities .This is used by tax authorities to calculate net tax liability.

1.6 WHO SHOULD FILE GST RETURN

All business owners and dealers who have registered under the GST system must file
GST returns according to the nature of their business or transactions.

 Regular Businesses.
 Businesses registered under the Composition Scheme.
 Other types of business owners and dealers.
 Amendments.
 Auto-drafted Returns.
 Tax Notice.

1.7 FEATURES OF GST:

 Destination-Based Consumption Tax: GST is a destination-based tax, which means it is

levied at the point of consumption rather than the point of origin. This ensures that the tax
revenue is collected by the state where the final consumption takes place.

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 Comprehensive Taxation: GST covers both goods and services, streamlining the tax
structure by replacing multiple indirect taxes levied by the central and state governments.

 Multi-Stage Taxation: GST is levied at multiple stages of the supply chain, from the
manufacturer to the consumer. It is designed to tax the value added at each stage of production
or distribution.

 Input Tax Credit: One of the key features of GST is the input tax credit mechanism, which
allows businesses to claim credit for the GST paid on their purchases. This helps prevent the
cascading effect of taxes and ensures that tax is levied only on the value addition at each stage
of the supply chain.

 Unified Market: GST aims to create a unified national market by removing tax barriers
between states and harmonizing indirect taxation across the country. This promotes ease of
doing business and facilitates interstate trade.

1.8 OBJECTIVES OF GST FILING

To achieve the ideology of ‘One Nation, One Tax’

GST has replaced multiple indirect taxes, which were existing under the previous tax regime.
The advantage of having one single tax means every state follows the same rate for a particular
product or service. Tax administration is easier with the Central Government deciding the rates
and policies. Common laws can be introduced, such as e-way bills for goods transport and e-
invoicing for transaction reporting. Tax compliance is also better as taxpayers are not bogged
down with multiple return forms and deadlines. Overall, it’s a unified system of indirect tax
compliance.

To subsume a majority of the indirect taxes in India

India had several erstwhile indirect taxes such as service tax, Value Added Tax (VAT), Central
Excise, etc., which used to be levied at multiple supply chain stages. Some taxes were governed
by the states and some by the Centre. There was no unified and centralised tax on both goods
and services. Hence, GST was introduced. Under GST, all the major indirect taxes were
subsumed into one. It has greatly reduced the compliance burden on taxpayers and eased tax
administration for the government.

To eliminate the cascading effect of taxes

One of the primary objectives of GST was to remove the cascading effect of taxes. Previously,
due to different indirect tax laws, taxpayers could not set off the tax credits of one tax against
the other. For example, the excise duties paid during manufacture could not be set off against
the VAT payable during the sale. This led to a cascading effect of taxes. Under GST, the tax
levy is only on the net value added at each stage of the supply chain. This has helped eliminate
the cascading effect of taxes and contributed to the seamless flow of input tax credits across
both goods and services.

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 To increase the taxpayer base
GST has helped in widening the tax base in India. Previously, each of the tax laws had a
different threshold limit for registration based on turnover. As GST is a consolidated tax levied
on both goods and services both, it has increased tax-registered businesses. Besides, the stricter
laws surrounding input tax credits have helped bring certain unorganised sectors under the tax
net. For example, the construction industry in India.

 An improved logistics and distribution system

A single indirect tax system reduces the need for multiple documentation for the supply of
goods. GST minimises transportation cycle times, improves supply chain and turnaround time,
and leads to warehouse consolidation, among other benefits. With the e-way bill system under
GST, the removal of interstate checkpoints is most beneficial to the sector in improving transit
and destination efficiency. Ultimately, it helps in cutting down the high logistics and
warehousing costs.

1.9 TYPES OF GST FILINGS

There are a total of 13 returns under the Goods and Services Tax (GST) regime. These returns
serve to capture different aspects of a taxpayer’s financial transactions and obligations within
the GST framework. However, it’s important to note that not all of these returns apply to every
taxpayer. The applicability of these returns depends on the type of taxpayer and the nature of
their GST registration.

GSTR-1: This return is for reporting outward supplies or sales.

GSTR-3B: A summary return that includes details of both outward and inward supplies, along
with the payment of taxes.

GSTR-4: Designed for taxpayers under the Composition Scheme, it provides a summary of
their turnover and tax liability.

GSTR-5: Filed by non-resident foreign taxpayers engaged in taxable activities in India.

GSTR-5A: Filed by online information and database access or retrieval (OIDAR) service
providers.

GSTR-6: For Input Service Distributors to report the distribution of input tax credit (ITC)
among their units.

GSTR-7: For taxpayers required to deduct Tax Deducted at Source (TDS) under GST.

GSTR-8: Filed by e-commerce operators to report supplies made through their platform.

GSTR-9: An annual return that provides a consolidated summary of all monthly/quarterly

returns filed during the financial year.

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GSTR-10: A final return filed when a taxpayer’s GST registration is canceled or surrendered

GSTR-11: Filed by persons having Unique Identity Number (UIN) to claim a refund of taxes
paid on their purchases.

CMP-08: A quarterly return for taxpayers under the Composition Scheme to report their tax
liability.

ITC-04: Filed by taxpayers who are manufacturers to report the details of goods sent to a job
worker and received back.

1.10 BENEFITS OF GST FILINGS

 Claiming input tax credit: The input tax credit is a powerful tool in the GST system
that helps businesses reduce their tax liability, improved cash flow, and avoid double
taxation. By understanding and utilizing ITC effectively, businesses can significantly
reduce their costs and boost profitability.

 Avoid levy of interest: Every GST register taxpayer need to file GST Returns,
irrespective of its tax liability. This means that the returns file even if there is no
transaction. If the returns not file on time, then interest @18% p.a., on the amount of
outstanding tax can be charged. In addition, the late fees period will calculate from the
date of deadline to the date of actual payment.

 Avoid late fees: As per the GST Act, late fees of Rs. 100 per day up to a maximum
amount of Rs. 5,000 shall charge for delaying in filing of Returns. Furthermore, this
late fees will not adjust against Input Tax Credit and this fees has to be deposited in
cash.

 Avoid GST Cancellation: As per the GST Act, the GST Officer is given power to the
registered GST taxpayer if the user delays in filing of GST Returns for a continuous
period of 6 months. Therefore, it is always to file all the GST Returns on time.

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  Avoid notice of defaults: The GST department keeps a track on the GST taxpayers
through their GST Returns. If there is any irregularity in filing of returns, then the user
may get a notice from the GST department.

 Accountability: Under the GST regime, now all the taxes are paid online and there is
not any major hassles of tax filling GST Returns. In addition, by paying these returns
on time shows the accountability of the user.

1.11 MINIMUM TURNOVER LIMIT FOR GST REGISTRATION:

Companies with a yearly turnover of more than Rs. 40 Lakhs (for goods) and Rs.20 lakhs (for
services) are required to register for GST and pay taxes on their taxable goods and services.
Businesses with a yearly turnover of less than Rs. 40 Lakhs are not required to register for
GST, but can choose to register for GST voluntarily. This is beneficial for businesses as it
enables them to avail of input tax credit and other benefits.

It should be noted that the minimum GST registration turnover limit in India is different for
some special category states. The special category states have a minimum threshold limit for
GST registration of Rs. 20 Lakhs (for the supply of goods) and Rs. 10 lakhs (for the supply of
services). These special category states include Arunachal Pradesh, Manipur, Meghalaya,
Mizoram, Nagaland, Tripura, and Sikkim.

The GST Council has also recommended that all businesses with a turnover of more than Rs.
40 Lakhs should register for GST, irrespective of their state of registration.

The minimum GST registration turnover limit in India in 2023 is likely to remain the same, i.e.
Rs. 40 Lakhs. This is expected to provide some relief to small businesses and enable them to
avail of the benefits of GST. It is also likely to enable the government to collect taxes from all
businesses, irrespective of their size.

1.12 LATE FEES FOR NOT FILING RETURN ON TIME

If GST returns are not filed within the specified time limits, you will be liable to pay interest
and a late fee. Interest is charged at 18% per annum. It has to be calculated by the taxpayer on
the amount of outstanding tax to be paid. The time period will be from the next day of filing to
the date of payment. Late fees are charged at Rs.100 per day per Act. Hence, it will be Rs.100
under CGST and Rs.100 under SGST. The total will be Rs.200 per day, subject to a maximum
of Rs.5, 000. Please note that from the month of/quarter ended June 2021, the maximum
amount of late fees has been revised as below.

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 Taxpayer category Late fee
capped at

Taxpayers whose total amount of central tax payable is Nil Rs.250^

Taxpayers with an annual aggregate turnover up to Rs.1.5 crore in the Rs.1,000^

previous financial year

Taxpayers with an annual aggregate turnover exceeding Rs.1.5 crore Rs.2,500^

and up to Rs.5 crore in the previous financial year

^
Taxpayers should note that an equal penalty will apply under SGST. There are no late fees
under IGST.

 How GST Are Returns Filed Or Submitted?

There are prescribed formats for each of the above GST returns. These forms need to be
filed on the GST portal. However, they may seem complex and difficult to understand
by many taxpayers. Do not worry, you can also file your returns very easily using the
Clear Tax GST software.

Does GST have to be paid monthly?



GST is to be paid monthly by regular taxpayers, even those who have opted for quarterly filing
of returns, i.e. the QRMP scheme.

However, for small taxpayers, there is an option to choose the composition scheme under GST,
if their annual aggregate turnover is up to Rs.1.5 crore for manufacturers/dealers and Rs.50
lakh for pure service providers. They can file a quarterly statement-cum-challan and pay taxes
quarterly.

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 CHAPTER – 02
COMPANY PROFILE
OVERVIEW OF THE ORGANISATION

2.1 BRIEF HISTORY

 It Was Incorporated On 16th April, 2015.
 Poonacha & Company Is A Proprietorship Firm.
 It Is Classified As A Practicing Chartered Accountant Firm And Registered Under ICAI
Act 1949.
 Proprietor of the Firm Is Mr. Poonacha S.S.
 The Firm Was Founded By CA Professional Who Had Decades Of Hands-On
Experience In The Field Of GST Returns, Income Tax Filing Of Various Clients.

2.2 CORPORATE OFFICE

 Address
No.20, Old No.34, 1st Cross, Sampige RD, Malleshwaram Bengaluru, Karnataka -560003.

 Business Volume
It Is A Proprietorship Firm And It Is Involved In Professional Activities Like GST Returns
And Income Tax Filing Of More Than 200 Clients.

 Nature Of Organisation
It Is A Chartered Accountant Firm That Will Be Doing Filing Of GST, Income Tax Returns
Of Companies, Banks, LLP, Partnership Firms, Trusts, Societies And Individuals.

 Main Office
No.20, Old No.34, 1st Cross, Sampige RD, Malleshwaram Bengaluru, Karnataka -560003.

 Total Staff Strength

The Firm Is Having The Strength Of Proprietor, One Manager, Five Articles And Four Paid
Assistants.

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2.3 ORGANISATION STRUCTURE

PROPRIETOR

ARTICLE

PAID ASSISTANT

2.4 THE ORGANIZATION FOLLOWS A SMALL HIERARCHY

PROPRIETOR

MANAGER

ARTICLE TRAINESS

PAID
ASSISTANTS

❖ THE ORGANISATION HAS 51 PEOPLE

 Proprietor
 1 Manager
 18 Article Trainees
 32 Paid Assistants

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2.5 SERVICE OFFERED BY THE FIRM
 Financial Services
 Goods & Service Tax Compliance
 Taxation
 Auditing
 Company Formation
 Corporate Law Advisory Services

2.6 BUSINESS CONSULTANCY

Maintaining Business Relationships and Consultancy.

 Setting Up Of Proprietorship, Partnership Business, Public And Private

Limited Companies, Trust-Charitable & Religious.
 All Needed Enrolments For The Start- Ups.
 Filing Of Periodic Returns On Client’s Behalf,
 Maintenance of Statutory Books.
 Preparation of Reports and Other Documentation Requirements for
Bank/ Fiscal Institutional.

2.7 INCOME TAX

• Calculation of Income for Advance Tax Payments
• Income Tax Form for Individualities, Partnership Enterprises and Companies
• Assistance in an Investigation.
• Tax Audit Under Income Tax Act, 1961
• Tax Planning And Compliances
• Providing Updates On Significant Changes In Law
• Registration U/ S 12a And 80g Of Income Tax Act
• Tax Representation Before Authorities

2.8 INDIRECT TAXES

• GST Registration and filing monthly, quarterly and annual returns
• Furnishing interpretations on issues
• Tax Representation before Authorities
• Advise on the Maintenance of records
• Internal Audits for Tax Compliances

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2.9 SWOC ANALYSIS
 Strength
1. Wide range of services
2. Customer-focused approach
3. Huge area of expertise
4. Quick assistance

 Weakness

1. Limited office space

2. Overtime due to limited employees

 Opportunity
1. Growth prospects
2. Adapting to newer technology-based applications
3. Demand for professionals
4. Quality service to attract more clients

 Challenge
1. Government policies (demonetization and GST reforms)
2. Strong competitors
3. Bigger firm having more capital, technology and intel
4. No digital platform

2.10 SOFTWARE USED IN Poonacha &Co

Tally Prime GST Software simplifies GST compliance by automating the process of generating
GST returns, including GSTR-1, GSTR-3B, and more. It ensures accurate and timely filing of
GST returns, helping businesses stay compliant with the latest GST regulations.

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 CHAPTER- 3
WORK DESCRIPTION

 PROCESS OF GST FILINGS

You can file the GST return online as follows:

Step 1: Register for GSTIN

For those taxpayers who are not registered, you need to register to get the GSTIN number. It is
a 15-digit number that is generated based on your state code of operation and PAN.

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Step 2: Log in to the GST portal

You must log in to the GST portal (https://www.gst.gov.in/) using your username and password
and then click on the tab called ‘Services’.

Step 3: Returns dashboard

You will see an option called the ‘Returns dashboard’. Click on that. You will be asked to
choose a financial year for which you are filing the GST return. Choose the appropriate one
from the drop-down menu provided.

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Step 4: Prepare online

You must then select the return you wish to file. You will be given options of how you wish to
file. For the online GST return process, click on the ‘Prepared ‘

.Step 5: Enter details

You will need to enter all the details correctly in the fields provided. Note that if you have any
pending late fees, you must fill in the details of that as well when you are filing your GST
returns. Next, you need to save the form and then submit it.
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Step 6: Check submission status

When the GST return form has been submitted, you need to ensure the status of the GST return
has been changed to ‘Submitted’.

Step 7: Tax payment

When the status shows the return has been submitted, then you need to click on ‘Payment of
Tax.’ You will see a ‘Check Balance’ option which you need to click. The balance shown will
reveal the credit and cash balance.

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Step 8: Offset liability

You must click on the option that says ‘Offset Liability’ to make the GST payment online in a
few minutes. You need to then check the relevant boxes for declaration purposes. Then click
on ‘File Form with DSC’/’File Form with EVC’ and then make the payment. There are
numerous GST return forms available and filling each can have additional steps or even lesser
steps than the general steps outlined above.

The details of how to fill in the details can be found on the official GST website. Before you
fill out any GST form, you should keep all the information and details close by. Using a
software solution such as Tally Prime is advised to ensure no errors are made during filing the
return process.

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 Details Of Outward Supplies of goods or service

Page | 18
 CHAPTER -4

LEARNING OUTCOMES,

4.1 LEARNING OUTCOMES

1. Understanding of the Goods and Services Tax (GST) framework and its application in India.

2. Familiarity with the different types of GST returns and their due dates.

3. Knowledge of the information required to be submitted in each GST return, including the
format and contents.

4. Understanding of the GST return filing process, including the steps involved in filing and
the documents required.

5. Familiarity with the penalties and consequences for non-compliance with GST return filing
requirements.

 SKILLS OUTCOMES:

1. Ability to identify and extract relevant information from financial records and other
documents required for GST returns filing.

2. Skill in preparing and submitting accurate and complete GST returns, including identifying
errors and correcting them.

3. Ability to maintain accurate and up-to-date records of GST transactions and returns filed.

4. Skill in identifying and addressing potential issues and discrepancies in GST returns,
including errors and omissions.

5. Ability to communicate effectively with tax authorities, clients, and other stakeholders
regarding GST returns filing.

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 ATTITUDE OUTCOMES:
1. A commitment to compliance with GST laws and regulations, including timely filing of GST
returns.

2. A willingness to learn and adapt to changes in GST laws and regulations, including updates
to GST returns formats and due dates.

3. A positive attitude towards accuracy and attention to detail in GST returns filing, recognizing
the importance of compliance in maintaining a good business reputation.

4. A proactive approach to identifying and addressing potential issues and discrepancies in

GST returns, including errors and omissions.

5. A commitment to continuous learning and professional development in GST returns filing,

including staying up-to-date with changes in laws, regulations, and best practices.

 BEHAVIORAL OUTCOMES:
1. Compliance with GST laws and regulations, including timely filing of GST returns.

2. Regular review and update of financial records and other documents required for GST
returns filing.

3. Accurate and complete preparation of GST returns, including identification of errors and
omissions.

4. Proactive communication with tax authorities, clients, and other stakeholders regarding GST
returns filing.

5. Continuous monitoring and evaluation of GST returns filing processes to identify areas for
improvement.

These learning outcomes can be used as a guide for developing a comprehensive training
program for GST returns filing, covering both theoretical knowledge and practical skills.

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 CHAPTER -5

SUGGESTIONS AND CONCLUSION

5.1 SUGGESTIONS

1. Verify your GST registration details: Ensure that your GST registration details are accurate
and up-to-date.
2. Gather all necessary documents: Collect all relevant documents, including invoices, bills,
and other financial records.
3. Check for errors and omissions: Review your documents carefully to identify any errors or
omissions.
4. Update your accounting records: Ensure that your accounting records are accurate and up-
to-date.
5. Check for any pending refunds or dues: Verify if there are any pending refunds or dues that
need to be settled.

 DURING FILING:

1. Use a GST return filing software: Consider using a GST return filing software to simplify
the filing process.
2. Follow the correct format: Ensure that you follow the correct format for filling out the GST
returns.
3. Provide accurate and complete information: Ensure that you provide accurate and complete
information in the GST returns.
4. Submit returns on time: Submit your GST returns on time to avoid late filing fees and
penalties.
5. Check for errors and corrections: Review your returns carefully to identify any errors and
make corrections as needed.

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  AFTER FILING:

1. Verify your returns have been accepted: Verify that your GST returns have been accepted
by the authorities.
2. Check for any notices or queries: Check for any notices or queries from the authorities
regarding your GST returns.
3. Maintain accurate records: Maintain accurate records of your GST returns and transactions.
4. Review and update your records regularly: Regularly review and update your records to
ensure accuracy and compliance.

 ADDITIONAL TIPS:

1. Filing multiple returns at once: Consider filing multiple returns at once to reduce the
workload and avoid errors.
2. Use a GST return filing service: Consider using a GST return filing service to simplify the
filing process and reduce errors.
3. Keep a record of communications: Keep a record of all communications with the authorities
regarding your GST returns.
4. Stay up-to-date with changes in GST laws and regulations: Stay up-to-date with changes in
GST laws and regulations to ensure compliance and avoid penalties.
5. Seek professional help if needed: If you are unsure about any aspect of the GST returns filing
process, seek professional help from a tax consultant or accountant.

By following these suggestions, you can ensure accurate and timely filing of your GST returns,
reducing the risk of errors, penalties, and fines.

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5.2 CONCLUSION

Mr. Poonacha & Co is a professional chartered accountant with more than 5 years of hands-on
experience, is the sole proprietor of Poonachand &Co. Since its inception in 2015, this CA firm
has audited numerous clients. It operates within a small, eleven-member hierarchical
organizational structure.

Customers receive an extensive selection of professional and business-related services from

the company. As a professional services company, the strengths is an in-depth comprehension
of the customers and their businesses.

The internship at Poonachand &Co is an excellent program that I would recommend to other
friends. It aids in the development of my knowledge, abilities, and skills. Not only did I gain
experience, but I also made new friends and learned new things, so it was a good in Poonachand
&Co is a good firm for an internship due to the numerous advantages it offers to its trainees. I
am grateful to my supervisor and the staff in my department. They also gave me advice
whenever I needed it and helped me deal with some of my weaknesses. I believe that the
internship's 4 Weeks was not long enough for me to learn more about the jobs in depth.

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